Surprisingly, seven of ten Americans do not have a will.  Of those that do, seventy percent have thought about making changes to it, but “just haven’t gotten around to it.”

In conjunction with the Renewal Campaign, this may be a good time to create or revisit an existing will.  The first step is easy, and the most rewarding.  Ask yourself, “What would I like to see accomplished or improved at my parish?”

Your bequest could have a far reaching impact.  Here are some ideas:

·         Perhaps excellent music and worship is important to you.  Why not use a bequest in your will to establish a fund earmarked for new music, instruments, or organ upkeep?

·         Many people are concerned about today’s youth.  Why not leave a bequest to benefit youth ministry?

·         St. Patrick Elementary has educated thousands of students, but today the cost of Catholic education is prohibitive for many families.  Named scholarships are a wonderful way to express your gratitude, and/or memorialize a loved one.  For example, you might name St. Patrick Catholic Church as a beneficiary in your will to establish, for example, “the John and Mary Doe Scholarship.”

·         Some people choose to name a bequest for “the maintenance and improvement of St. Patrick Catholic Church.”

·         Others simply name St. Patrick Catholic Church as a beneficiary for use “where needs are greatest.”

·         Your legal counsel will help you find the ‘right words’ to express your intention. 

Prior to consulting an attorney, some parents visit with their children, and ask, “What do you think our legacy as a family should be?”  In this way, everyone understands what is important to you.  Many parents are pleased to find that their children are fully supportive. At the same time, it gives your children an opportunity to perhaps help shape your charitable intentions. 

In general, when naming a charity in your will it’s most common to assign a percentage of your estate, rather than a fixed dollar amount.  Again, your advisor can help you design a will that best suits your circumstances and desires.

Donor’s estates may obtain significant income tax and estate tax savings by designating St. Patrick Catholic Church as a beneficiary of part or all of what remains of an IRA, 401(k), 403(b), Keogh, or other qualified pension plan.

Naming the parish as a primary or contingent beneficiary is the most convenient way to remember St. Patrick upon death.  Simply consult your retirement plan administrator, and say that you would like to ensure that your parish is named as a beneficiary.  Your advisor will provide the paperwork, which typically takes only a few minutes to complete.

Gifts of securities can be a great way to support the Renewal Campaign.  For the advantages of giving appreciated securities, consult your tax advisor.

Netherland Securities, Inc., accepts transfer of securities on behalf of St. Patrick Catholic Church.  To electronically transfer stock or other publically traded securities from your portfolio to St. Patrick Catholic Church, your stock broker will need the information below:

Netherland Securities, Inc.

12720 Hillcrest Rd, Suite 900

Dallas TX 75230

972-503-0577  

Depository Trust Company (DTC) number:  0279

St. Patrick’s Account Number at Netherland Securities:  677068885

Charitable Remainder Annuity Trusts

The Gift that Benefits Both Donor and Parish

The Charitable Remainder Annuity Trust allows you to make a significant gift to St. Patrick Catholic Church, while providing income to yourself or others, such as your children.  Here’s how it works.

The donor irrevocably transfers assets such as cash or securities into a special type of trust called a Charitable Remainder Annuity Trust (CRAT).  The trust can be established for life or a term of years.  For the sake of our illustration, let us assume Mrs. Jones wants to establish a trust that pays her quarterly until she passes away.

During the trust's term, the trustee invests the assets and provides a fixed dollar amount to Mrs. Jones.  Payments are made out of trust income, or trust principal if income is not adequate.  When Mrs. Jones passes, the remainder of the trust passes to St. Patrick Catholic Church to benefit those areas she specified in the trust document.

The Charitable Remainder Annuity Trust is very flexible, and can be customized to meet your particular circumstances.  For example, you could establish it for a period of years, rather than for life.  If you had children that needed income, they could be named as payment recipients as well.

In Dallas, we are fortunate to have The Catholic Foundation, a trusted organization distinct from the Diocese, established to benefit Catholic causes throughout our diocese.  They would be happy to work with you and your legal counsel to establish a CRAT that would meet your needs, and ultimately benefit St. Patrick Catholic Church.

The Charitable Remainder Annuity Trust is a great way to care for yourself while you care for the long term needs of the parish.  To explore more, we invite you to call St. Patrick Catholic Church for a free no-obligation illustration. 

If you have additional questions on any of the options presented above, please call Bob Bonomi at St. Patrick: 214-348-7380, x318.